Accessing finance to develop land in Papua New Guinea is the biggest stumbling block to creating wealth, jobs and an economic base for future generations. In New Zealand, Maori economic development is forging ahead, with the active support of banks and investors. In the second of a two-part series, Kevin McQuillan examines NZ banks’ lending criteria.
Production resumes at the LNG plant as more reserves found, BHP Billiton to be sued over alleged environmental damage, and talks with China over a free trade agreement. Your weekly digest of the latest business news.
Ni-Vanuatu to head up BSP operations in Port Vila, former Irish PM nominated to head the Bougainville Referendum Commission, new Chair of the 2019 Asia Pacific Business Forum
Former rugby league player and keen fisherman Andrew ‘ET’ Ettingshausen is lured to West New Britain to chase big-fighting bass, but he is equally captivated by the vibrant culture and volcanic wilderness.
Eminent scientist Professor Tim Flannery will be one of the key speakers at this year’s Business Advantage Papua New Guinea Investment Conference at the Sofitel Brisbane Central on 6 and 7 August this year.
PNG was the second-largest global grower of vanilla last year, producing about 250 metric tonnes, but leading processor and exporter, Paradise Spices, is calling for regulation of the sector to resolve supply and quality issues. Karina Makori, the company’s General Manager tells Business Advantage PNG inflated prices have halted production of vanilla products for the past nine months.
Papua New Guinea’s second LNG plant is expected to be ready by 2023-2024, according to Total Managing Director, Philippe Blanchard. He told Business Advantage PNG the company is also keeping its eyes open for other energy plants in PNG.
Commerce and Industry Minister, Wera Mori, says the government is focusing on new laws to open up Papua New Guinea’s capital markets to attract foreign investment. He also told business in Port Moresby this week that the government alone cannot rebuild the country’s economy and has called for a new bond between the state and the business community.
Rise in foreign exchange reserves expected, K1.3 billion required annually for road maintenance work, and Ramu nickel project to have 35 year life. Your weekly digest of the latest business news.
Accessing customary land for development in Papua New Guinea continues to be a challenge, while difficulties remain with securing finance against that land. Meanwhile, in New Zealand, Maori landowners are forging ahead with joint ventures, using leases as security and pooling financial resources. Kevin McQuillan investigates how it’s done, in the first of a two-part series.